Crude oil futures ended deeply lower on Monday weighed down by another downward revision in demand forecast by OPEC. OPEC said in its report that it expects oil demand will grow by 1.9 million barrels per day in 2024, down from 2 million bpd in its previous forecast. The group expects oil demand to grow by 1.6 million barrels per day in 2025, compared with an earlier forecast of 1.7 million bpd.
Benchmark crude oil futures for November delivery fell $1.73 or about 2.29 percent to settle at $73.83 a barrel on the New York Mercantile Exchange. Brent crude for December delivery dropped by $1.58 or about 2 percent to settle at $77.46 a barrel on London's Intercontinental Exchange.